Babel Finance opens Singapore unit to push expansion into Asia

Crypto-finance provider Babel Finance announced the opening of a headquarters in Singapore to attract major Asian players in the industry.

According to пресс-релизу, the new office will serve traditional financial institutions and high-net-worth investors both in Asia and beyond.

“Singapore’s robust legal framework, prestigious asset-management industry and an innovative regulatory approach make it an excellent launching pad for business. Local regulators are known for their strict stance on money laundering, so compliance with the rules of this market will increase the attractiveness of crypto assets for traditional investors,” said Babel Finance CEO Flex Yang.

The company plans to apply for the necessary licenses. It is expected that the new office will serve as a base for future mergers and acquisitions.

Shanshan Yu, who previously worked at Bank of Singapore, the Development Bank of Singapore and United Overseas Bank, now heads the unit.

Babel Finance expects to leverage her banking-sector experience and experience with regulators.

A new era has begun… pic.twitter.com/cpAwm9QDyt

— Babel Finance (@BabelFinance) September 16, 2021

“Traditional finance in Singapore is beginning to seriously engage with the cryptocurrency space. Both investors and regulators here are open and prepared to explore new asset classes,” Yu noted.

Earlier in May 2021 Babel Finance raised $40 million in a Series A funding round.